PacWest, First Horizon, Paramount fall premarket; Shopify, Moderna rise
Investing.com -- Stocks in focus in premarket trade on Thursday, May 4th. Please refresh for updates.
PacWest Bancorp (NASDAQ: PACW) stock fell 40% after the regional lender confirmed it had been approached by "several potential partners and investors" in a bid to secure a financial lifeline, adding that these discussions are ongoing.
First Horizon (NYSE: FHN) stock fell 40% after the lender announced that its merger with TD Bank (TSX: TD), announced in early 2022, would no longer go ahead, with TD having to pay First Horizon $200 million as a result.
Shopify (NYSE: SHOP) stock rose 16.7% after the Canadian e-commerce company beat estimates for first quarter revenue, adding it would cut 20% of its workforce as part of its cost-cutting plans.
Moderna (NASDAQ: MRNA) stock rose 2.1% after the drugmaker posted a surprise quarterly profit despite waning demand for its COVID vaccines.
Blackstone (NYSE: BX) stock fell 0.4% after Reuters reported that the fund manager is weighing options for Dutch merchant bank NIBC, including a possible sale.
ConocoPhillips (NYSE: COP) stock rose 0.9% after the U.S. shale producer beat first quarter profit expectations as sustained fuel demand and tight crude supplies kept oil prices elevated.
Alibaba (NYSE: BABA) ADRs rose 1.6% after Bloomberg reported the Chinese e-commerce giant’s international online shopping unit is exploring a U.S. initial public offering.
Shell PLC (NYSE: SHEL) ADRs rose 1.6% after the oil major posted first quarter net profit of just under $10 billion, as strong earnings from fuel trading and higher liquefied natural gas sales offset cooling energy prices.
Paramount Global (NASDAQ: PARAA) stock fell 11.6% after the media company announced disappointing quarterly earnings on advertising softness and cut its dividend.
Peloton (NASDAQ: PTON) stock fell 3.6% after the exercise equipment company posted a wider-than-expected loss, even as it forecast fourth quarter revenue above estimates.